The market capitalisation of the Nigerian Exchange Limited increase by N1.8 trillion in the month of July.
This followed earnings and dividends declared by listed companies.
Insider dealings among companies was one of the drivers of the positive trend which saw directors and related parties consolidating their positions, thus signalling their confidence in the value proposition of the companies.
Selloffs and foreign exchange pressures were witnessed within the period, despite the profit-taking,as the benchmark NGX All-Share index which opened the trading month at 60,968.27 points, closed at 64,337.52 points, representing a 5.53 per cent growth in the month under review.
Similarly, the market capitalisation, which is the value of listed equities, rose by N1.813tn from N33.197tn to N35.011tn, representing a gain for investors.
In a statement on Monday, the NGX said, “There were also the better-than-expected corporate earnings, higher dividend payouts and relatively improved liquidity as fixed incomes yields were not stable in the face of soaring inflation which supported buying interests in the market and flow of funds into the equity space.”
